UPMC reported an operating loss of $103 million during the first three months of the year, up slightly from its $100 million operating loss during the same period a year ago.
The Pittsburgh-based health giant’s first-quarter losses came on revenues of more than $7.1 billion, according to a financial disclosure on its website. UPMC reported revenues of nearly $6.9 billion during the first three months of last year.
“Ongoing pressures in the labor and supply markets as a result of inflation continue to have a negative impact on operating income, as do lower Medicare and Medicaid product underwriting margins,” UPMC said in the financial disclosure for the three-month period ended March 31.
The health system employs about 95,000 people, including more than 5,000 physicians, at its 40 hospitals and 800 doctors’ offices and outpatient sites. UPMC reported that inpatient activity during the first quarter was up 2% year-to-year, while outpatient services increased by 9%.
“Surgical demand, particularly in the outpatient setting, has increased as former inpatient services continue to move to outpatient,” UPMC reported in its financial disclosure.
UPMC Insurance Services covers more than 4.2 million members, down 6% from a year ago, according to the financial disclosure.
